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Statement of Richard Hunt, President and CEO Consumer Bankers Association, Regarding the President’s Re-nomination of Richard Cordray as Director, CFPB
Jean Marie Bunton
Washington, D.C. (January 24, 2013) – On the same day the President is nominating a chair for a commission (the SEC), he also is nominating a sole director for the most powerful U.S. regulator ever created, the CFPB.
For the past two years, the CFPB has been a political football in part due to its flawed structure. This is the perfect opportunity for Congress to replace a sole director with a commission. This has been the preferred approach to leadership structures at independent regulatory agencies for the past 150 years, as it provides for a balanced and deliberate approach to supervision and enforcement and offers certainty for consumers and the industry.
As a reminder, then-House Speaker Nancy Pelosi and then-House Financial Services Chairman Barney Frank led passage of legislation which would have created a five-member commission to oversee the CFPB. In addition, then-professor Elizabeth Warren, the creator of the CFPB, repeatedly called for a Financial Product Safety Commission during the debate.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.